Bank Of Russia Signs Up Machine Learning To Bust Fraud

One of the world’s biggest banks has revealed it is leading the fight against criminals using state of the art AI technology. The Bank of Russia has teamed up with Yandex Data Factory to use the latter’s machine learning services to identify unlicensed money lenders, and the websites hosting them. So far, Yandex Data Factory’s custom search algorithm has helped to reveal 2,500 suspicious organisations, and played a significant role in spotting any inaccuracies, meaning that potentially fraudulent organisations will not be missed in the future. Search and destroy The system works by analysing key words across an existing Yandex database, which identified seven million web pages related to finance topics. The algorithm is then able to assign a web page to its correct category, before identifying if an organisation…